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Bank Nifty likely to consolidate in the near-term, says Ravi Nathani

According to the technical analyst, Bank Nifty's break out from within the range of 41,725 to 42,725, would indicate a trend change in the charts

Ravi Nathani Mumbai

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2 min read Last Updated : Jan 18 2023 | 8:51 AM IST

Bank Nifty

Last close: 42,235.05

Currently, the index is confined within a range-bound chart pattern. This pattern, therefore, is considered to be neutral, suggesting a period of consolidation or in-decision is likely in the near term.

The market is in a state of equilibrium, with buyers and sellers in balance, and the index's price is likely to remain within the defined range of 42,725 (resistance) to 41,725 (support).

Hence, a clear break from either the support or resistance levels can indicate a trend change. While a break above the resistance level of 42,725 can indicate a bullish trend, a break below the support level of 41.725 can indicate a bearish trend.